The Spanish retail investment market remains slow. While some prime shopping centers continue to perform well, secondary centers are struggling with high vacancy rates. Few major deals have been completed so far in 2012. Debt transactions are increasingly the focus of investors as banks seek to reduce exposure. Experienced investors continue to monitor opportunities in Spain's major cities, believing the fundamentals will support retail investment when the economy recovers.
The world’s dominant commercial real estate markets have moved into 2014 in better shape than at any time since the Global Financial Crisis of 2008-2009.
Capital markets are exhibiting remarkable strength and the disconnect, that has emerged over the past two years between a more cautious occupational market, is showing signs of narrowing.
Jones Lang Lasalle Report on Global Real Estate Prospective for Third quarter of 2014.
World GDP output is now forecast to rise by 3% in 2014. The prediction has been revised lower this quarter largely as a consequence of the steep U.S. downgrade, and GDP growth now stands at a similar rate to last year.
Even before this change, emerging markets had the most dynamic outlook, continuing the post-crisis trend. But the balance is still slowly tipping back towards the developed world, where a steady upturn is in prospect.
Fund managers in Spain and Italy need to prove themselves if a windfall is t...Feelcapital
La consultora estadounidense Cerrulli Associates dedica en su edición de abril 2015 (The Cerrulli Edge-Global Edition), dentro del apartado Europa, un artículo sobre los gestores de fondos de inversión en España e Italia. En la página 18 dedica un apartado al asesoramiento automático en fondos de inversión en referencia a Feelcapital y su CEO, Antonio Banda.
The world’s dominant commercial real estate markets have moved into 2014 in better shape than at any time since the Global Financial Crisis of 2008-2009.
Capital markets are exhibiting remarkable strength and the disconnect, that has emerged over the past two years between a more cautious occupational market, is showing signs of narrowing.
Jones Lang Lasalle Report on Global Real Estate Prospective for Third quarter of 2014.
World GDP output is now forecast to rise by 3% in 2014. The prediction has been revised lower this quarter largely as a consequence of the steep U.S. downgrade, and GDP growth now stands at a similar rate to last year.
Even before this change, emerging markets had the most dynamic outlook, continuing the post-crisis trend. But the balance is still slowly tipping back towards the developed world, where a steady upturn is in prospect.
Fund managers in Spain and Italy need to prove themselves if a windfall is t...Feelcapital
La consultora estadounidense Cerrulli Associates dedica en su edición de abril 2015 (The Cerrulli Edge-Global Edition), dentro del apartado Europa, un artículo sobre los gestores de fondos de inversión en España e Italia. En la página 18 dedica un apartado al asesoramiento automático en fondos de inversión en referencia a Feelcapital y su CEO, Antonio Banda.
Etude PwC sur les fusions-acquisitions dans le secteur européen des services ...PwC France
http://pwc.to/YE2Uqa
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au cours de l’année 2012. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
Otro año más se celebra el Simposio de Inteligencia de Mercado que anualmente lidera el ICSC. En esta ocasión y después de cuatro años sale de la zona de México y el Caribe para trasladarse a Colombia y más concretamente a Bogotá.
Para esta ocasión el ICSC consideró contar con Neuromobile como empresa ponente, por su trayectoria e influencia en el mundo del Marketing Intelligence
Otro año más se celebra el Simposio de Inteligencia de Mercado que anualmente lidera el ICSC. En esta ocasión y después de cuatro años sale de la zona de México y el Caribe para trasladarse a Colombia y más concretamente a Bogotá.
Para esta ocasión el ICSC consideró contar con Neuromobile como empresa ponente, por su trayectoria e influencia en el mundo del Marketing Intelligence
CES 2013: The Year of the Connected Brand - Consumer Electronics Show RecapDavid Berkowitz
What were the trends from the Consumer Electronics Show that mattered most for marketers in 2013? This looks at the new living room, connected devices, smart TVs, the connected home, wearable technology, 3D printing, gesture tracking, voice inputs, and much more. Plus, check out the new CES Marketer Matrix.
There are 3 different classes of chaos that affect creativity: Universal, External, and Personal. Universal chaos is about finding the energy to create Something out of Nothing. External Chaos examines how life events shape us and connect us. Personal Chaos is about getting past our own doubts and fears and embracing what makes us different. This addendum to The Creative Method and Systems is meant to inspire creative-minded people to pursue what they love, with a little quantum physics thrown in for good measure.
Key Points:
- Four shopping centre transactions took place in 2010, reaching a total volume of approximately 314 million Euros.
- The first quarter of 2011 has already seen Doughty Hanson purchase two shopping centres from Sonae Sierra for 120 million Euros.
- Additionally, there has been much interest surrounding schemes such as San Cugat and Puerto Venecia as well as the Royal Bank of Scotland loan portfolio.
- Continual demand from international and pan-European investors as well as opportunistic funds is leading to fierce competition for prime assets.
- The sustained gap between purchaser and vendor price expectations, together with a general lack of product in line with investor criteria, is resulting in a continued absence of investment activity.
- Unstructured and badly managed sales processes have damaged the marketability of many good products, leaving them loosely hanging on the investment market whilst investors have moved on to new opportunities.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
Etude PwC sur les fusions-acquisitions dans le secteur européen des services ...PwC France
http://pwc.to/YE2Uqa
Sharing Deal Insight fournit des perspectives sur les dernières tendances et les futurs développements dans les services financiers. PwC a analysé les données fournies par mergermarket, Reuters et Dealogic de transactions annoncées et celles en attente de clôture au cours de l’année 2012. Les transactions analysées portent sur une part d’acquisition supérieure à 30% - ou sur une part importante donnant le contrôle effectif à l’acquéreur.
Otro año más se celebra el Simposio de Inteligencia de Mercado que anualmente lidera el ICSC. En esta ocasión y después de cuatro años sale de la zona de México y el Caribe para trasladarse a Colombia y más concretamente a Bogotá.
Para esta ocasión el ICSC consideró contar con Neuromobile como empresa ponente, por su trayectoria e influencia en el mundo del Marketing Intelligence
Otro año más se celebra el Simposio de Inteligencia de Mercado que anualmente lidera el ICSC. En esta ocasión y después de cuatro años sale de la zona de México y el Caribe para trasladarse a Colombia y más concretamente a Bogotá.
Para esta ocasión el ICSC consideró contar con Neuromobile como empresa ponente, por su trayectoria e influencia en el mundo del Marketing Intelligence
CES 2013: The Year of the Connected Brand - Consumer Electronics Show RecapDavid Berkowitz
What were the trends from the Consumer Electronics Show that mattered most for marketers in 2013? This looks at the new living room, connected devices, smart TVs, the connected home, wearable technology, 3D printing, gesture tracking, voice inputs, and much more. Plus, check out the new CES Marketer Matrix.
There are 3 different classes of chaos that affect creativity: Universal, External, and Personal. Universal chaos is about finding the energy to create Something out of Nothing. External Chaos examines how life events shape us and connect us. Personal Chaos is about getting past our own doubts and fears and embracing what makes us different. This addendum to The Creative Method and Systems is meant to inspire creative-minded people to pursue what they love, with a little quantum physics thrown in for good measure.
Key Points:
- Four shopping centre transactions took place in 2010, reaching a total volume of approximately 314 million Euros.
- The first quarter of 2011 has already seen Doughty Hanson purchase two shopping centres from Sonae Sierra for 120 million Euros.
- Additionally, there has been much interest surrounding schemes such as San Cugat and Puerto Venecia as well as the Royal Bank of Scotland loan portfolio.
- Continual demand from international and pan-European investors as well as opportunistic funds is leading to fierce competition for prime assets.
- The sustained gap between purchaser and vendor price expectations, together with a general lack of product in line with investor criteria, is resulting in a continued absence of investment activity.
- Unstructured and badly managed sales processes have damaged the marketability of many good products, leaving them loosely hanging on the investment market whilst investors have moved on to new opportunities.
IMAP Financial Services sector Leaders: Jonathan Dalton and Khelan Dattani share insights into the global Financial Services sector. They look at how and why the COVID pandemic affected certain geographies and subsectors more than others and the subsequent impact on deal volumes and valuations. They identify the key areas of growth and common trends driving activity across the globe and examine why the sector is becoming increasingly attractive to PE investors, pinpointing opportunities for buyers and sellers.
Shippers Warehouse, Inc. is a provider of supply chain services (3rd party logistics or 3PL). The Company operates over 4.5 million square feet in 8 facilities in the Dallas/Ft. Worth area and 500,000 square feet in Atlanta, Georgia.
The Georgia facility packaging operations ships out over 3 billion bags per year. Shippers Warehouse is one of the largest co-packers in the Southeast. Shippers operate 9 packaging lines with a ready room that is a showcase for reducing any type of foreign matter. The facility handles a variety of food products, is a leader in recycling, & distribution of products.
Shippers Warehouse, Inc. also has the distinction of having all of its locations ISO 9001:2008 certified. (ISO 9001:2008 certified by Management Certification of North America, an ANAB-accredited certification body.)
Regards,
Bill Stankiewicz
Vice President & General Manager
Shippers Warehouse
Office: 678.364.3475
williams@shipperswarehouse.com
www.shipperswarehouse.com
Santander registered attributable net profit of EUR 1.704 billion (-51%), aft...BANCO SANTANDER
FIRST HALF 2012 RESULTS
Santander registered attributable net profit of EUR 1.704 billion (-51%), after covering 70% of real estate provisions required by the latest Spanish regulations
Pre-provision profit was EUR 12.503 billion, up 6%.
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
C
A
SP
A
R
B
EN
SO
N
/G
ET
TY
IM
A
G
ES
STRATEGY
IN THE AGE OF
SUPERABUNDANT
CAPITAL
MONEY IS NO LONGER A SCARCE RESOURCE.
THAT CHANGES EVERYTHING.
BY MICHAEL MANKINS, KAREN HARRIS,
AND DAVID HARDING
66 HARVARD BUSINESS REVIEW MARCH–APRIL 2017
most of the past 50 years, business leaders viewed fi-
nancial capital as their most precious resource. They
worked hard to ensure that every penny went to fund-
ing only the most promising projects. A generation
of executives was taught to apply hurdle rates that
reflected the high capital costs prevalent for most
of the 1980s and 1990s. And companies like General
Electric and Berkshire Hathaway were lauded for the
discipline with which they invested.
Today financial capital is no longer a scarce
resource—it is abundant and cheap. Bain’s Macro
Trends Group estimates that global financial capital
has more than tripled over the past three decades and
now stands at roughly 10 times global GDP. As capital
has grown more plentiful, its price has plummeted.
For many large companies, the after-tax cost of bor-
rowing is close to the rate of inflation, meaning that
real borrowing costs hover near zero. Any reasonably
profitable large enterprise can readily obtain the capi-
tal it needs to buy new equipment, fund new product
development, enter new markets, and even acquire
new businesses. To be sure, leadership teams still need
to manage their money carefully—after all, waste is
waste. But the skillful allocation of financial capital is
no longer a source of sustained competitive advantage.
The assets that are in short supply at most compa-
nies are the skills and capabilities required to translate
good growth ideas into successful new products, ser-
vices, and businesses—and the traditional financially
driven approach to strategic investment has only com-
pounded this paucity. Indeed, the standard method
for prioritizing strategic investments strives to limit
the field of potential projects and encourages compa-
nies to invest in a few “sure bets” that clear high hur-
dle rates. At a time when most companies are desper-
ate for growth, this approach unnecessarily forecloses
too many options. And it encourages executives to
remain committed to investments long after it’s clear
that they’re not paying off. Finally, it leaves companies
with piles of cash for which executives often find no
better use than to buy back stock.
Strategy in the new age of capital superabundance
demands a fundamentally different approach from the
traditional models anchored in long-term planning
and continual improvement. Companies must lower
hurdle rates and relax the other constraints that reflect
a bygone era of scarce capital. They should move away
from making a few big bets over the course of many
years and start making numerous small and varied
investments, knowing that not all will pan out. They
must learn to quickly spot—and get out of—losing
ventures, while ag ...
The GCC is in a fateful economic battle that has troubling cyclical, structural, and systemic components — driven by risks around oil and a disruptive post-pandemic digital world for which it is ill-prepared. Businesses are unravelling as entitlements are withdrawn and regulations rolled back. This paper proposes to reframe relationship between the public and private sectors, rewarding companies that transition from dependency and hopeless business models, while helping govts achieve fiscal sustainability.
1. Research
october 2012
spanish Retail
investment market
report
highlights
The polarisation of the market continues: despite the economic situation, prime
and well-establised centres continue to perform well, whilst secondary schemes
and cities are suffering.
International retailers continue to demand space in prime shopping centres.
The retail investment market remains static. There have been no high profile deals
completed so far this year.
Debt transactions are increasingly the focus of investors. Future investment sales
over the short term are likely to be in the hands of the banks.
Experienced investors continue to seek opportunities in Spain’s prime cities,
testimony to the belief that despite the economic climate, Spain offers the correct
fundamentals for retail investment. Those with a site-specific strategy, rather than
a country approach, will identify assets that meet their criteria through micro
analysis.
2. october 2012
spanish retail
investment market report
Economic Economic Indicators 2010 2011 2012 (*)
Outlook GDP Growth -0.1 0.4 -1.7
The challenging macroeconomic situation in Unemployment rate 20.1 21.6 24.5
Spain needs little introduction having been
the focus of many economic and political Consumer Price Index 1.8 3.2 2.5
debates in recent times.
Government Bond 10 yr 4.25 5.43 5.64
The Spanish economy, characterised by a loss
of competitiveness, high levels of Source: Savings Bank Foundation (*) Annual average forecasts
unemployment and falling consumption
rates, continues to contract. There are a
variety of GDP forecasts available but the
general consensus is that economy will when the real opportunities begin to expansion of international brands. However,
contract by around -1.7% in 2012, as a result reappear. It is difficult to imagine how a a number of international retailers continue
of further upcoming fiscal reforms and country with a population of almost 50 to seek to increase their coverage in prime
continued low economic activity. million people, having experienced nearly 15 shopping centres in Spain and believe that
years of above average GDP growth before Spain offers the correct fundamentals for
Unemployment in Spain now stands at
the slowdown in 2007, will be not be able to retail business.
approximately 24.7%. However, this is spread
unevenly across the country, with the rate in turn itself around and find the road to
Primark remains particularly active as does
Madrid being around 6 percentage points recovery. Investors recognise that the key to
the Sonae Group with Sport Zone and Zippy.
lower than the national average. the Spanish market is being prepared and
A relatively new operator to the market is JD
ready to act. The economy is unlikely to make
It goes without saying that factors such as the Sports, having opened several new stores
a recovery before 2015, however there will be
intensification of financial stress associated this year. Other international operators, such
some interesting opportunities to be had
with sovereign debt markets, restrictions on as Superdry, remain active in their expansion
along the way.
access to credit and increased uncertainty, but opt to reduce risk via franchising in non-
not only surrounding Spain but also the prime locations.
retail
future of Europe, do not create the healthiest
Generally, vacancy rates vary from 2.5% -
scenario for investment.
4.5% for prime centres and are 10+% in
market
Against this backdrop, the Spanish secondary schemes, depending on the
government continues to strive to steer Spain quality of the asset. Lease negotiations
out of the dark. Over the year, the Central continue to be difficult as operators are
Government has presented numerous fiscal The retail market remains characterised by the increasingly demanding. Landlords should
measures designed to achieve Spain’s deficit polarisation between prime and secondary seriously consider fit out and financing stores
targets. These measures include: schemes. Some prime shopping centres are to maintain competiveness.
achieving 100% occupation and have in fact
• Increase in tax revenues, including VAT,
corporate income tax, personal income tax
seen an increase in the number of visitors, as Sales
well as sales. This is a quite a different
and excise duties. scenario from the challenges some secondary Despite the economic situation, people do
• Changes to unemployment benefit and centres are facing today. continue to shop, but consumers have
social security contributions. adjusted their budgets to match current
disposable income. On average, centres
• Improvement of public sector efficiency Supply and Demand managed by Knight Frank registered a fall in
and reduction of the public sector wage bill. Operators remain selective when opening new sales of between 2% and 8% over the first
• Review of pension system. stores and many expansion plans are on hold. half of the year.
The fact remains that Spain's economy is the Spain is facing competition from other In general, leisure and restaurants have
12th largest in the world. Despite the current countries, particularly in Eastern Europe, particularly suffered over the last year, as
situation, investors remain keen to monitor where there is considered to be greater have household goods retailers in certain
the market and to have a foot in the door for potential for economic growth, attracting the centres. However, low cost concepts such as
2
3. www.knightfrank.es
Retail
McDonald’s or Burger King and those brands Debt transactions are increasingly the focus of
that have repositioned to adjust to the investors; even some of the more traditional
current situation have been able to maintain asset buyers are looking at ways to form new
their positions. Similarly, supermarkets and
low cost formats such as Lidl and Aldi, are
Investment vehicles for the purchase of securitised loans.
It should be remembered that the sale of the
market
now outperforming the traditional debt does not necessarily mean that the asset
hypermarket formats in many cases. is performing badly, but could be due to
problems the sponsor has elsewhere or simply
Some operators are finding efficiency by Despite speculation about distressed sales,
an attempt from the bank to reduce exposure.
increasing format size and are now moving the market has remained very static so far
this year. It would seem that future investment sales
from smaller units of 100-200 sq m to larger
over the short term are likely to be in the
formats of 600-700 sq m whilst maintaining Property owners that do not need cash have no
hands of the banks. However, despite their
very tight price margins. Smaller operators motive to sell in the current market. From both
eagerness to clean up balance sheets and
are most affected due to the lack of credit, an operational and transactional perspective,
reduce exposure, there is a general reluctance
whilst franchise and chain stores are many property investors continue to focus on
to accept offers entailing direct loss.
performing better. maximising the value of their current
Opportunistic funds interested in the purchase
portfolios, rather than considering rotation.
of debt or distressed assets are, of course,
New Openings This general lack of product, together with expecting significant discounts in order to
restrictions on finance, lengthy decision achieve their returns, which the banks are
Only two schemes, Gran Plaza 2 in Madrid processes and overall uncertainty surrounding rejecting. The increasing distress in certain
and Serrallo Plaza in Granada, opened in the the Spanish economy, continues to make situations means that discounts not accepted
first half of 2012. However, three large new investment transactions extremely difficult. today could lead to greater losses in the
shopping centres opened in September and future, as over time, these assets will have
Nevertheless, experienced investors remain
Puerto Venecia, belonging to British Land little or no capex invested in them. They will
positive and are opting to monitor the market
and Orion Capital, will open at the beginning eventually reach the market under managed
rather than remove Spain from their target list.
of October in Zaragoza. By the end of 2012, and out dated, and by that time, will be far
Emphasis is generally on prime cities,
we will have seen half a million square from meeting investment grade, even for
favouring Madrid, Barcelona and the Basque
metres of GLA come to the market, an opportunistic funds.
Country, as these areas have the most positive
indication of the confidence key developers consumption and growth forecasts, and have Banks not willing to accept reasonable losses
have in Spanish retail. been less affected by the economic downturn, in the current situation should seriously
particularly if we refer to Madrid and consider how they will manage foreclosed and
Barcelona. problematic shopping centre assets. These
Main Shopping Centre Openings 2012
Scheme Location Developer GLA (sq m) Opening Date
Serrallo Plaza Granada Corporación García Arrabal 24,000 March 2012
Gran Plaza 2 Majadahonda, Madrid LSGIE 57,000 April 2012
Río Shopping Arroyo de la Encomienda, Valladolid Inter Ikea Centre Group 100,000 September 2012
Zenia Boulevard Orihuela, Alicante Immochan 80,000 September 2012
El Faro Badajoz Unibail-Rodamco 66,000 September 2012
Puerto Venecia Zaragoza British Land, Orion Capital 118,000 October 2012
Luz Shopping Lifestyle Center Jerez de la Frontera, Cadiz Inter Ikea Centre Group 15,000 Novemeber 2012
As Cancelas Santiago de Compostela Carrefour Property España, Realia 50,500 Novemeber 2012
Source: Spanish Shopping Centre Association
3